Idle Lands says 39% of invoiced lands became tradable

Logo of Idle Lands Program 

The Idle Lands Program confirmed that 39% of the developed land areas to which fees were applied and invoice issued, during the first cycle of the second phase in Riyadh, became tradable.

The program said in a statement that the area of these lands exceed 7.5 million square meters, and provide at least 12,000 housing and commercial units.

The program exerted efforts to increase the supply of developed land in order to achieve a balance between supply and demand, provide residential land at reasonable prices, and reduce monopolistic practices of land. This contributed to the entry of more than 2,000 land plots into the real-estate market, in preparation to be placed within the real estate supply or reconstruction, between the first and second billing cycles of the second phase in Riyadh.

The statement added that in the second phase, more than 4,000 invoices were issued on area of up to 19 million square meters, calling on owners of lands subject to fees to initiate the reconstruction of their lands or pay within a year from the date of issuance of the decision.

According to the data available on Argaam, the Idle Lands Program announced in August 2022 the issuance of Idle lands fee invoices for the year 1444/1445 AH for the first cycle of the second phase in Riyadh, calling on the owners of the concerned lands to initiate the reconstruction of their lands or pay within a year from the date of the decision.